The auditor’s report is getting a facelift. Following both the IAASB and PCAOB, the AICPA undertook a massive project to update the new report. SAS 134, Auditor Reporting and Amendments-Addressing Disclosures in the Audit of Financial Statements, was issued in April 2019. This course covers the new order of the report, changes to the presentation, as well as introduces the concept of KAM. We also review when KAM is required as well as what constitutes KAM. This course is a must for auditors. The new report is effective for periods ending on or after Dec. 15, 2021.